Digital Transformation in Insurance
The entire financial sector is undergoing a paradigm shift with digitalization, and the insurance sector is no exception. Automated services, personalized policy offerings, improved customer experience, and accelerated time to the market for new products are some of the shining features making insurance providers flock towards digital transformation. The kingpins of the insurance sectors are now making data-driven decisions intending to provide omnichannel services. The COVID-19 pandemic has further accelerated the demand for digitalized insurance solutions. Data and digitalization have become the core of every business activity, and adaptation is the call of time. According to McKinsey analysis report, digitalized insurers increased from 1% to 70% in just five years in Europe, whereas the growth has been 20% from 0% in the United States (U.S.). Insurtechs have observed significant acceleration in growth as compared to traditional insurers. Digital transformation in insurance has incre...